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Q. It is impossible for economic growth in a small country to lower that country's economic welfare, regardless of the bias of the growth. Explain.
Answer: This is a true statement that the reason economic growth may possibly hurt a country is if the terms of trade effect counters and dominates the growth effect. In the case of the miniature country there are no terms of trade effect.
definitions;types
the year of alternative / new trade theoriess
Q. What are the main functions of money? Answer: Money serves generally three important functions that are a unit of account, a medium of exchange and a store of value.
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